Rok pays £3m for Pitkerro, based in Tayside
09:00 09 Jan 2008
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Rok has bought Pitkerro from its two shareholders, John Wiseman and Wallace Wiseman, for a price of £3m.
The two had acquired Pitkerro in 2000 by way of a management buy-out. It had previously been a subsidiary of Bett Brothers.
Today, Pitkerro has 100 employees providing plumbing and heating services mainly on Tayside, Scotland.
The deal is being paid for by way of £2.1m in cash and £900,000 in Rok shares.
As a result Rok plans to issue 770,000 new shares.
In a statement on the Stock Exchange this morning, Rok gives no indication as to Pitkerro’s annual turnover and avoids offering any information relating to the company’s latest profitability.
John Wiseman, managing director of Pitkerro, said: “Having nurtured Pitkerro into one of Scotland’s leading plumbing and heating companies, being part of Rok will provide career opportunities for our employees."